SG Market (14 Jun 16)

SG Market: The market is likely to remain jittery as investors brace for several key economic data releases and risk events in the coming days.

Regional bourses opened in the red in Tokyo (flat), Seoul (-0.1%) and Sydney (-1.4%).

From a chart perspective, the benchmark STI has breached its 2,790 support, with next level at 2,720 and immediate resistance at 2,830. Momentum indicators are flashing negative signals.

Stocks to watch:
*Wing Tai: Sold an apartment unit at high-end development Le Nouvel Ardmore for $21m, or $4,006 psf (9% above last transacted price). The sale makes it the sixth unit to be sold in the 43-unit project.

*Cordlife: Appointed veteran doctor Wong Chiang Yin as CEO. Wong was previously President of Thompson International, as well as CEO of Malaysia-listed TMC Life Sciences, and has 20 years of healthcare management experience.

*CityNeon: Plans to showcase Marvel Avengers S.T.A.T.I.O.N. in Singapore for four months beginning in Oct ’16, following its successful turnout in New York, Korea, Paris and Las Vegas. The strong pipeline is expected to underpin earnings going forward.

*Ley Choon: Awarded a $33.6m contract by PUB to supply and lay steel potable water pipeline in Singapore.

*Oxley: Acquired a 50% stake in Peninsular Teamwork, the owner of a residential land in Negeri Selangor, Malaysia, for RM40m.

*Jackspeed: Acquiring 14% interest in property development company Wenul Asset Industrial for $3.6m.

*Neo Group: Acquiring a 55% stake in two food retailers, Joo Chiat Kim Choo rice dumplings and U-Market, for $1.9m, to expand into upstream business that would complement and support its existing operations.

*Pacific Radiance: Issued two notices of arbitration in Hong Kong against two Chinese shipyards, Shanghai Waigaoqiao Shipbuilding & Offshore and China Shipbuilding Trading, for the failure to deliver two PSVs.

*YuuZoo: Signed partnership agreement with Africa and UAE's largest mobile network operator, Etisalat, to set up an e-commerce platform for SMEs in Nigeria. In addition, the group purchased the contract rights for Etisalat for US$2m, to be paid via issue of 14.9m new shares at $0.1788/share.

*MMP Resources: Signed a 12-month agreement with Maiora Asset Management and Maiora Asian Structured Finance Fund (MASFF) to seek advisory services for fund raising and M&A activities. Payment for the services of US$0.5m will be via an issue of new shares at a price to be disclosed. MASFF currently has 7.87% stake in MMP.

*Secura Group: Signed an MOU with the Union of Security Employees to develop a wage model to allow its security officers to pursue other career tracks, in a bid to alleviate its manpower shortage issues.